The acquisition is by far the largest by Austin, Minn.-based Hormel Foods. 11:15 am, Feb. 11, 2021 ×
AUSTIN, Minn. Hormel Food Corp. has scooped up the Planters business from Kraft Heinz Co. for $3.35 billion in cash.
Hormel and Chicago-based Kraft announced the deal early Thursday, Feb. 11, making it the largest acquisition by Austin, Minn.-based Hormel, which expands its business line to include peanuts as well as Cheez Balls, Corn Nuts and NUT-Triton brands.
The Planters business in those areas had 2020 sales of about $1 billion. The acquisition of the Planters business adds another $1 billion to our portfolio and significantly expands our presence in the growing snacking space, Jim Snee, Hormel s chief executive, said in a statement.
The acquisition is by far the largest by Hormel Foods. 3:00 pm, Feb. 11, 2021 ×
AUSTIN Austin-based Hormel Food Corp. has scooped up the Planters business from Kraft Heinz Co. for $3.35 billion in cash.
Hormel and Chicago-based Kraft announced the deal early Thursday, making it the largest acquisition by Hormel, which expands its business line to include peanuts as well as Cheez Balls, Corn Nuts and NUT-Triton brands.
The Planters business in those areas had 2020 sales of about $1 billion. The acquisition of the Planters business adds another $1 billion to our portfolio and significantly expands our presence in the growing snacking space, Jim Snee, Hormel s chief executive, said in a statement.